OWNER FINANCE in Lubbock, TX

By
Real Estate Broker/Owner with TechTown Realty, Licensed in Texas 578384

  In recent years I have talked to many buyers who want to purchase a home in Lubbock, TX via owner finance (often due to credit problems but not always) and have just completed my second successful Owner Finance transaction.  

The reason that there has been so few successful OWNER FINANCE transactions is primarily two-fold; few sellers willing to owner finance and buyers not having sufficient down payment.

Buyers please read on!

Down Payment - If you want to own a home and can't go through conventional lending avenues, you may can find an Owner Finance home.  However, you need to do some research and be knowledgable about the market and you need to have a good nest egg for a down payment.  Most sellers who will do owner finance in our area want 10%-20% as a down payment.  This is because they are individually taking a risk with you.  Out of their down payment you provide they often need to pay REALTOR and lawyer and filing fees, so they must have a hefty down payment to make a deal work.  Research home prices on the internet (www.marybentonhomes.com) and if you don't have at least 10% of the sales price of the homes you like, then you need to save up more or simply work on getting your credit repaired.

Availability - This is another issue for you if you want to buy an Owner Finance home.  Recently I checked and of the approximately 1400 homes for sale in Lubbock, fewer than 20 would do owner finance so you can see that you would have very limited options.

Often, buyers can improve their credit more quickly than they could find an Owner Finance home that suited their needs because of limitied supply.

Don't pursue an Owner Finance home if you don't have a large savings that you can put down.

Do pursue this avenue to home ownership if you have a good nest egg, decent stable income, and are flexible regarding home size, condition, location.

Stay tuned for a few Owner Finance home options in Lubbock!

www.marybentonhomes.com

 

Mary Benton, REALTOR

Keller Williams Realty

806 790 1026

 

 

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Mary Benton

TechTown Realty in Lubbock
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